Strategies of the Development of Entrepreneurship and SME

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accounting standards, including medium enterprises, as well as private individuals registeringdouble accounting. Small enterprises and entrepreneurs may, but do not have to be obliged toregistering according to international accounting standards. From the aspect of SME sector, theintroduction of obligatory auditing for medium enterprises is important ,while the control offinancial operations of small enterprises and entrepreneurs will be under the supervision of TaxAuthority.The Law on Mortgage fastens the market development and makes the access tofinancial sources easier, as the mortgage is the most common way of secured loan in ourconditions and which are necessary for financing the business operationsBy the Law on Competitiveness Protection the Council on competitivenessprotection was founded, which main task is to promote the struggle against monopoly andmonopoly behaviour. The penalties, regulated by the law, for monopoly behaviour (up to 10%of realized total annual income) should affect the strengthening of SME,s market position.The Law on Foreign Trade Operations offers the solutions for national and foreigntrade equalization and methods for national economy protection from disloyal foreigncompetition.The Law on Free Trade Zones creates the conditions for bringing the foreign directinvestments, higher employment level, and development of undeveloped or insufficientlydeveloped regions. The main advantages of operations in free trade zones are duty-free andtax-free, aimed at strengthening the national economy competitiveness.The modifications of Law on Contributions for Obligatory Social Insurance andthe Law on Citizens Income Tax enabled the fiscal disburdenment of all tax payers andselective employment stimulation along with the protection of most vulnerable old-agepopulation and social groups. The employment of young people up to 30, older than 45, that is,50 years old, handicapped was especially encouraged. The tax-free deadline for farmers hasbeen extended.The Law on Enterprise Profit Tax defines the tax rates of 10% on an enterprise profit and18% of VAT, which are among the lowest in Europe, but the effects are devaluated by other taxduties, various taxes, and administrative procedures.Table 12. contents list of some measures of business regulations and their enforcement relatedto Serbian economy:Table 12.YearEaseofDoingBusinessRankRankStarting a BusinessProcedures(number)Time (days)Cost (% ofincome percapita)Min. capital (%of income percapita)Dealing with LicensesRankProcedures(number)Time (days)Cost (% ofincome percapita)2007 86 90 11 23 8.9 8 149 20 204 2,713.1056
RankDifficulty ofHiring IndexRigidity of HoursIndexEmploying WorkersDifficulty ofFiring IndexRigidity ofEmploymentIndexNonwage laborcost (% ofsalary)Firing costs(weeks ofwages)RankRegistering PropertyProcedures(number)Time (days)Cost (% ofproperty value)110 67 40 30 46 18 25 115 6 111 5.4Getting Credit Protecting Investors Enforcing ContractsRankLegal Rights IndexCredit InformationIndexPublic registrycoverage (%adults)Private bureaucoverage (%adults)RankDisclosure IndexDirector LiabilityIndexShareholder SuitsIndexInvestor ProtectionIndexRankProcedures(number)13 7 5 0.1 51.3 64 7 6 3 5.3 101 36 635 28.4Time (days)Cost (% of debt)Paying Taxes Trading Across Borders Closing a BusinessRankPayments (number)Time (hours)Profit tax (%)Labor tax and contributions (%)Other taxes (%)Total tax rate (% profit)RankDocuments for export (number)Time for export (days)Cost to export (US$ percontainer)Documents for import (number)Time for import (days)Cost to import (US$ percontainer)121 66 279 11.7 20.2 4 35.8 58 6 12 1,240 6 14 1,440RankTime (years)Cost (% of estate)Recovery rate (cents on thedollar)103 2.7 23 23.1Source: http://www.doingbusiness.org/customquery/ViewCustomReport.aspx3.4.3. ESTABLISHMENT OF SMEsThe process of founding business organisations in the Republic of Serbia is defined inthe provisions of the Company Law (Official Gazette 76/2004, as of 22 November 2004). Inaccordance with this Law, legal forms of companies that can be registered in the Republic ofSerbia are: partnership, limited partnership, limited liability company and closed held57
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1. SME DECLARATION AND WORKING GROU
Page 6 and 7: While comparing the BSEC and EU doc
Page 8 and 9: cooperation with the United Nations
Page 10 and 11: GENERAL ASSESSMENT OF THE BSEC WG O
Page 12 and 13: “Armenia's new law introduces a n
Page 14 and 15: (iii)Share of the labor force of SM
Page 16 and 17: The following data represents some
Page 18 and 19: RankDocuments for export(number)Tra
Page 20 and 21: • Industrial zones/Business incub
Page 22 and 23: 3.1.4. FINANCING SMEsProf. Dr. Sela
Page 24 and 25: • the loan is secured with movabl
Page 26 and 27: 3.1.4.3. Mutual and loan guarantee
Page 28 and 29: introduction of e-signatures, only
Page 30 and 31: The Code of Conduct for Civil Serva
Page 32 and 33: Trading Across Borders Enforcing Co
Page 34 and 35: as with all non-governmental organi
Page 36 and 37: Bulgarian SMEs obtain additional ca
Page 38 and 39: • Project BG 2004/016-711.11.04 -
Page 40 and 41: usiness is not approaching them oft
Page 42 and 43: • Romanian citizens are recognize
Page 44 and 45: The preparatory project of the NDP
Page 46 and 47: • To support participation in eco
Page 48 and 49: In 2004, the National Institute of
Page 50 and 51: Incubators host on average 11 SME,
Page 52 and 53: Programs. The program is implemente
Page 54 and 55: development instrument is extremely
Page 58 and 59: corporations and open held corporat
Page 60 and 61: promoting SME sector, cooperation w
Page 62 and 63: • for unemployed (micro credit)
Page 64 and 65: are private pension funds, broker h
Page 66 and 67: very early steps of its democratic
Page 68 and 69: Another negative factor that is mor
Page 70 and 71: economy. The so called in the organ
Page 72 and 73: Federal funds, private capital, esp
Page 74 and 75: 4.3. MOLDOVATable 14.Dimensions Neg
Page 76 and 77: Related andsupportingindustriesDome
Page 78 and 79: Technological:Internetaccessibility
Page 80 and 81: Domesticdemand• Still not many pe
Page 82 and 83: international investments• Govern
Page 84 and 85: 3. Hamel, G., Prahalad, C.K. (1994)
Page 86 and 87: 5.2 DEVELOPMENT OF THE SME SECTOR I
Page 88 and 89: General Characteristic of SME Devel
Page 90 and 91: Index of SME Development in Armenia
Page 92 and 93: The same problem exists in getting
Page 94 and 95: SME support infrastructure in Armen
Page 96 and 97: 5 million was provided by UNDP and
Page 98 and 99: 5.3 DEVELOPMENT OF THE SME SECTOR I
Page 100 and 101: Diagram 1. The number of small ente
Page 102 and 103: The privatization process of object
Page 104 and 105: 13.Cabinet Provision on “Distribu
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5.3.3. SME support infrastructure i
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The role of the state in technical
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General situation of credit marketT
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After creation and starting impleme
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At the meantime, small enterprise s
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Table. 32.Ease of businessDoingBusi
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people who start small businesses t
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are salaried and the medium - sized
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Technology Foresight in Greece 2001
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Greek VC market started to develop
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In the area of bankruptcy and restr
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enterprises. According to TURKSTAT,
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small size enterprise or micro ente
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industrial enterprises. Undersecret
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individuals, rather than well struc
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7. SUGGESTIONS FOR THE SME DEVELOPM
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Annex 1.MAP OF THE BLACK SEA COUNTR
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17-18 June 2005 1 st Moscow Interna
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ARMENIASTRENGTHS• Application of
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BULGARIASTRENGHT• Flexibility and
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GREECESTRENGHT• They have a vital
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ROMANIASTRENGHTWEAKNESS• Stabilis
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REPUBLIC OF SERBIASTRENGHT• Longe
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UKRAINESTRENGTHS• Well educated l
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In compliance with the Resolution m
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1. Please provide definition of SME
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7. Did you establish a dedicated bo
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11. Do you have any suggestions for
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